Revolut valued at $45bn after secondary share sale

16th Aug 2024 11:54

(Sharecast News) - British fintech firm Revolut reached a valuation of $45bn, it was reported on Friday, after a secondary share sale involving new and existing investors.

According to Reuters, the share sale led by Coatue and D1 Capital Partners, with participation from existing investor Tiger Global, positioned Revolut as one of the most valuable fintech companies in Europe.

The valuation followed Revolut's recent achievement of securing a UK banking licence after a three-year application process.

Founded in 2015, Revolut grew rapidly by offering a wide range of financial services through its mobile app, without relying on physical branches.

In 2023, the company reported a record pretax profit of £438m, driven by strong user growth and an increase in interest-related income.

Reporting by Josh White for Sharecast.com.

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